West Ashley Trust & Estate Attorneys
– West Ashley
Threats to Your Accumulated Assets
At times it can seem that your hard-earned or inherited wealth is under attack from a number of fronts: federal and state taxation, fraudulent schemes, risky investments, greedy creditors, and personal injury claims. At Wiles Law we are committed to protecting your assets from all of these. We have many asset protection tools at our disposal and have a track record of using them successfully. We are especially well-prepared to protect you and your family, including your beneficiaries, from excessive taxation and lawsuits
How Unexpected Lawsuits Can Threaten Your Financial Stability
As most people are well aware, frivolous, and even malicious, lawsuits are all too common. In our society, creditors, landlords or tenants, business associates, neighbors, former spouses, and even close relatives seem to be all too ready to take their complaints to court. Not only is litigation expensive, but settlements can eat up substantial savings very quickly. Vehicular accidents, malpractice claims, and all sorts of premises liability lawsuits (e.g.slip and
How can Wiles Law Firm protect your assets in West Ashley?
When you consult with the thoughtful asset protection attorneys at Wiles Law Firm, you will find that we have a refreshing, individualized approach. We know that you come to us with particular needs and ideas about how you want to proceed, and we make it a point to listen carefully. We are well aware that our suggestions and recommendations are not helpful unless they correspond to your financial situation in a meaningful way. Depending on your specific circumstances, our estate planning attorneys will assist you in setting up one or another of the following means of asset protection, making certain that the work we do for you is clear, thorough, and legally binding.
Advantages of Forming an LLC
One good method of protecting your assets is to form a Limited Liability
An LLC protects assets by:
Being less costly and time-consuming than it is reputed to be
Limiting liability for lawsuits and business debts
Preventing creditors from going after one’s home and personal savings
Allowing pass-through taxation, so income or loss is reported on personal tax returns
An LLC also has the advantage of increasing credibility, having fewer state requirements than S and C corporations, and having greater flexibility since it has no board of directors. In spite of the many advantages of creating an LLC, it should be remembered that establishing an LLC makes ownership transfer more difficult than it would be with a corporation
Wiles Law Firm Will Guide You Through the Steps Necessary to Form an LLC
Clearly, it is essential to work with a reliable asset protection attorney if you want to create an LLC. Our well-schooled attorneys will assist you in:
Choosing a name for your company and checking with the State of South Carolina to avoid infringing on an existing company’s name
Filing Articles of Organization
Appointing a registered South Carolina agent who will accept legal documents in the event that the LLC is sued
Preparing an Operating Agreement (recommended but not legally required)
Complying with tax and regulatory requirements, which may include obtaining an Employer Identification Number (EIN) and/or registering with the South Carolina Department of Revenue
You should be aware that foreign LLCs must register with South Carolina’s Secretary of State in order to do business in our state.
Why You Need Wiles Law to Set Up a Workable SRT in Charleston
There are a great number of irrevocable trusts that the conscientious attorneys at Wiles Law Firm can recommend to help you protect your assets, including:
Qualified Personal Residence Trust (QPRT)
Grantor Retained Annuity Trust (GRAT)
Testamentary Irrevocable Trust
Irrevocable Life Insurance Trust
Gift in Trust
Inheritor’s Trust
Stand-alone Retirement Trust (SRT)
Beneficiary Defective Inheritors’ Trusts (BDIT)
Because once your assets have been transferred to one of these trusts, they are no longer considered to be under your ownership, the funds they contain are protected from creditors, lawsuits and bankruptcy laws. The funds they contain, however, will become taxable when they are distributed to your designated beneficiary. The primary drawback to irrevocable trusts is that they cannot be altered without court approval. This is a good reason to thoroughly discuss the pros and cons of irrevocable trusts with one of our asset protection attorneys.
If you reside in West